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2017-10-02

Beowulf: Aitolampi Delivers High Grade Concentrate Results

The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations ("MAR") (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in the
public domain.

For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on behalf
of Kurt Budge, Chief Executive Officer.

2 October 2017

Beowulf (AIM: BEM; AktieTorget: BEO), the mineral exploration and
development company, focused on the Kallak magnetite iron ore project
and the Åtvidaberg polymetallic exploration licence in Sweden, and
its graphite portfolio in Finland, is pleased to announce high grade
concentrate results for composite samples from its Aitolampi project.

Highlights:

· Superior metallurgical response from all three samples compared
with grab samples from outcrops analysed earlier this year.

· The process flowsheet used was simple, yet proved to be very
efficient.

· The combined grades ranged from 96.8 per cent to 97.5 per cent
Total Carbon ("C(t)") across the three samples.

· All three samples responded similarly in terms of concentrate
grades of the various size fractions.

Kurt Budge, Chief Executive Officer of Beowulf, commented:

"We are very pleased to have completed this latest testwork programme,
and to get more positive results from our work at Aitolampi.

"We will shortly be appointing expert consultants to assess the
suitability of Aitolampi's concentrates for different market
applications. Following that, it's our intention to undertake a
Scoping Study, and, in parallel, work towards defining a maiden
Mineral Resource.

"We are methodically developing the Aitolampi project, and, with
fieldwork across our portfolio this year, increasing our knowledge
with respect to our other graphite prospects.

"Our ambition remains to have a producing graphite mine within three
years, and to move as far down the value-chain as sensible, adding
quality and value to our final products. We continue to look at all
options to develop this capability.

"Aitolampi is benefited by its excellent location, access to
infrastructure, and proximity to European end-users.

"I look forward to providing further updates to shareholders on our
progress."

Background and Summary of the Work

Aitolampi is in eastern Finland, approximately 40 kilometres southwest
of the well-established mining town of Outokumpu. Infrastructure in
the area is excellent, with road access and available high voltage
power.

In March 2017, the Company completed an eight-hole diamond drilling
programme, 1,197 metres ("m").

The aim of the drilling was to test the potential for economic
mineralisation along a major, and parallel, electro-magnetic ("EM")
conductive zone to provide representative sample material for
assaying and metallurgical testwork.

· Drilling confirmed that the EM conductive zones identified at
Aitolampi are associated with wide zones of graphite mineralisation,
with a mineralised strike length of at least 350m along the main
conductive zone drill-tested, which extends for 700m, continuous
along strike and down dip. The zones, which dip between 40 to 50
degrees to the southwest, can be very broad, attaining down-hole
thicknesses of continuous graphite intercepts up to 140m.

Mineralised drill intercepts included 202.9m at 3.09 per cent Total
Graphite Carbon ("TGC", also described by some laboratories as
Graphitic Carbon "Cg") (including barren zones with no assays and
assumed to be zero per cent TGC), including higher-grade zones of
18.95m at 6.33 per cent TGC, and 14m at 6.26 per cent TGC, 141.86m at
3.72 per cent TGC, including a higher-grade zone of 39.48m at 5.02
per cent TGC, and 41.1m at 4.39 per cent TGC, including 28.4m at 5.1
per cent TGC. Mineralisation intercepts are down-hole widths and are
not true widths; however, it is noted that the holes were drilled
approximately orthogonal to the mineralisation.

See announcement on the Company's website at:

http://beowulfmining.com/news/graphite-exploration-update/

· Three samples, MET-17001, MET-17002 and MET-17003, comprising
composited quarter drill core of approximately 10 kilograms each,
were dispatched to SGS Minerals Services in Canada for metallurgical
testwork. The objective of the testwork was to develop a preliminary
understanding of the metallurgical response of the different samples
and to characterise graphite concentrate produced, in terms of flake
size distribution and total carbon grades of different size
fractions.

Sample MET-17001 comprised representative graphite mineralised drill
core from drill holes along the main conductive zone (average 5.02
per cent Cg).

Sample MET-17002, comprised drill core from higher grade horizons
(average 6.47 per cent Cg) in two parallel conductors' south-west of
the main zone.

Sample MET-17003 was collected from drill core from the main
conductive zone (average 4.60 per cent Cg).

· The head samples that were extracted during sample preparation
were submitted for chemical analysis. The results of the carbon
speciation are presented in the table below. The samples were also
submitted for an ICP-OES scan and a whole rock analysis. No elevated
concentrations of typical deleterious elements were detected.

+------+------------------------+-------------------+-----------------+
|Sample|Target |Head Grade % (C(t))|Head Grade % (Cg)|
|Number| | | |
+------+------------------------+-------------------+-----------------+
|MET |Main conductive |5.49 |5.02 |
|-17001|mineralised zone | | |
+------+------------------------+-------------------+-----------------+
|MET |Higher grade zone in two|7.09 |6.47 |
|-17002|parallel conductive zone| | |
+------+------------------------+-------------------+-----------------+
|MET |Main conductive |5.26 |4.6 |
|-17003|mineralised zone | | |
+------+------------------------+-------------------+-----------------+

A total of nine open circuit batch cleaner flotation tests were
carried out on the three samples. The flowsheet and testwork
conditions were comparable to those used for trench and grab samples
collected from Aitolampi in January 2017.

See announcement on the Company's website at:

http://beowulfmining.com/news/graphite-metallurgical-testwork-results/

The only difference in the tests was in secondary cleaner stirred
media grind times. Each sample was subjected to a test with short,
intermediate, and long grind times to determine if the circuit could
be controlled to favour flake size preservation or to achieve maximum
graphite concentrate grades. However, the results revealed that open
circuit graphite recovery into the combined concentrate and
concentrate grades was similar in all three tests. Hence, only
results from the intermediate or baseline grind times are reported.

The mass recovery of the nine tests into the jumbo, large, medium, and
fine flake categories are presented in the table below for the base
line time grinds, together with the combined concentrate grades and
open circuit graphite recoveries.

+-----------+---------------------+-------------+----------+----------+----------+
|Flake Size |Size in Microns |Size in Mesh |% Mass Distribution |
+-----------+---------------------+-------------+----------+----------+----------+
| | | |MET-17001 |MET-17002 |MET-17003 |
+-----------+---------------------+-------------+----------+----------+----------+
| | | |Baseline |Baseline |Baseline |
+-----------+---------------------+-------------+----------+----------+----------+
|Jumbo |>300 |>48 |1.6 |0.6 |0.6 |
+-----------+---------------------+-------------+----------+----------+----------+
|Large |180 to 300 |80 to 48 |17.0 |12.2 |13.4 |
+-----------+---------------------+-------------+----------+----------+----------+
|Medium |106 to 180 |150 to 80 |30.0 |26.8 |29.2 |
+-----------+---------------------+-------------+----------+----------+----------+
|Fine |< 106 |< 150 |51.4 |60.4 |56.8 |
+-----------+---------------------+-------------+----------+----------+----------+
| |
+-----------+---------------------+-------------+----------+----------+----------+
|C(t) Combined Concentrate | |96.8% |97.20% |97.50% |
+-----------+---------------------+-------------+----------+----------+----------+
|% Open Circuit Graphite Recovery | |87.30% |77.80% |91.40% |
+-----------+---------------------+-------------+----------+----------+----------+

All three samples produced high grade concentrate grades when
subjected to the preliminary flowsheet that was developed in the
previous testwork programme. The secondary cleaning circuits proved
highly effective in liberating and rejecting gangue minerals.

· The total carbon grades ranged between 92.7 per cent C(t) for the
+48 mesh size fraction of the 17001 sample and 98.5 per cent C(t) for
the -150/+200 mesh size fraction of the 17003 sample.

· Discounting the lowest grade of 92.7 per cent C(t), all other size
fractions graded 94.4 per cent C(t) or higher.

· Even the -400 mesh size fraction produced high grades of 95.0 per
cent C(t) for sample 17001 to 97.8 per cent C(t) for sample 17003.

Competent Person Review

Dr. Andrew Scogings PhD Geology, MAIG, MAusIMM, RPGeo (Industrial
Minerals) has conducted a desktop review of source documents and data
which underpins the technical statements disclosed herein and
approves the disclosure of technical information in the form and
context in which it appears in this announcement, in his capacity as
a Competent Person ("CP"), as required under the AIM rules.

The source information, including that referenced in this announcement
held by Fennoscandian has been presented by Mr. Rasmus Blomqvist and
reviewed by the CP. It should be noted that the technical disclosure
herein, for which the CP takes responsibility, is based on desk-top
review of documents only, and no data verification works or project
inspections have been carried out by the CP at this time.

Dr. Scogings is a geolo...

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